Christian Gosvig Olesen answers the question "What is Hyperkino? Ruscico's Academia DVD series and the historical-critical film edition" in his blog

The original text is in Danish. Some extracts from Christian's blog: 

"DVD releases since the mid-nineties hospitalized so-called easter eggs in a film in the form of hyperlinked icons somewhere in a movie picture frame, which at a click could provide access to hidden extras. The difference of such a current use and Drubek-Meyer and Izvolovs principle is that hyperlinks here are set in a system in order to follow academic standards of film analysis. Because the Hyperkino format us based on the principle of the historical-critical book version  in this format represented by numbers that systematically act as a footnote comment on a film that uncovers a film's style, historical context and genesis.

As a DVD format Hyperkino materialized a couple of years after the article by Drubek-Meyer and Izvolov as a series KinoAcademia published by RUSCICO. The format was launched with Lev Kuleshovs debut film Proekt inzhenera Prayta (USSR, 1918). Not only was it the first time the film was available digitally – according to film historian Kristin Thompson it has long existed only in a version without the text that left the impression that the film was not complete. In keeping with the proclamation in the article, the DVD release comprises one textus and one apparatus disc.

And then about the Hyperkino  "Happiness", "Izvolov's darling":

"Nikolai Izvolov, both passionate and insightful  on Medvedkin and his contemporaries"..."That movie was one of the most powerful reasons why he chose to dedicate his life to film history. It was therefore without much hesitation that I wanted to buy this movie first..."

"The film includes a total of forty notes, and there seem to be three thematic tracks that dominate the annotations:

The film's distribution and censorship history.
The film's iconography with special reference to the film's references to Russian folk tales and the visualization of these, as well as by Russian sayings.

What is fascinating about the Hyperkino format is not just the written footnotes. If it had just been written notes I would personally probably have had the feeling that as a communication format it would have been a bit too static. This where the method really shows its strength. It lies in the way it includes a large number of documents from the film's production, reception and research on the film. ...

The best feature by Hyperkino format is the movie clip that is included in the footnotes. Here the visual motifs in Schastye can be related to Medvedkins other films, or to other Soviet film directors such as Lev Kuleshov and Sergei Eisenstein. One note is particularly interesting. It explores how water and falling into water represent a motif that was subject to a formally elaborate grip of the Soviet silent film. The note illustrates how Medvedkin stood out from his contemporaries using the manipulation of film speed with comic effect as a result."

"In the meantime Hyperkino also started experimenting with the ebook format as part of the Hyperkino project. Izvolov's latest book Феномен кино. История и теория on the texts of early Soviet film, sound and color technology (in English: The Phenomenon of Cinema) is the first in a series of books from Hyperkino Publishing, which will launch a series of film books that aspire to experiment with the electronic book."

Hyperkino used http://translate.google.de/ plus a few corrections. Sorry for the not very perfect English.